May 16, 2024
Loans

Mortgages For Seniors: Getting A Loan In Retirement

Key takeaways Under the Equal Credit Opportunity Act, lenders can’t discriminate against applicants because of their age. As a result, seniors — like people in other age groups — can get mortgages if they meet a lender’s approval criteria. However, seniors may find it harder to qualify for a new home loan if they have

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Loans

Retirement planning: What is a reverse mortgage and how does it work? MintGenie explains

It is particularly beneficial for those senior citizens who require a consistent income source since the loan amount is not required to be repaid until the borrower either sells their home or moves out. What is a reverse mortgage? A reverse mortgage is a loan available to homeowners aged 62 or older, allowing them to

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